Business3

The Classic factors of production

1. Land

2. Labour

3. Capital

4. Knowledge

Recombination of Labour

it refers to the process of reorganizing, reallocating, or restructuring the workforce - often by combining different skills, roles, or teams - to improve efficiency, adopt to new conditions, innovate, or meet changing business needs

Total Quality Management

monitoring of quality at each stage of production, rather than simply evaluating the end product

Supply chain

Value Chain

Debt holder

anyone who lends money directly to the organization

An example of the debt holder

Bank

Depreciation

a reduction in the value of the asset over time, due in particular to wear tear

ESG

it refers to the environmental, social, and governance factors that investors measure when analyzing a company’s sustainability efforts from a holistic view

Dillution

the reduction in shareholders’ equity positions due to the issuance or creation of new shares

5 Main tactics to mitigate risks

1. Avoidance

2. Reduction

3. Alternative actions

4. Share or insure

5. Accept

Explicit knowledge

it is the type of knowledge that we can easily formulate. It is based on factual data

Tacit Knowledge

the type of knowledge that is hard to formulate. It is difficult to put into words. Based on experience, skills, abilities and etc.

Technology forecasting

it attempts to predict the future characteristics of useful tech. machines, techniques, procedures.